Dance With The One Who Brung’ Ya

Some of you may not be familiar with the above statement.  Growing up in the Heart of America this meant don’t forget who you came with … who are your friends … who stood by your side in the past.  As many of us have discovered in this New Abnormal, there is an unlimited reservoir of new customers we can serve … and new products we can offer.  

Maybe the grass looks a lot greener on the other side.  If we could get our hands on some of the now commoditized products, like sanitizer, masks, hospital equipment, or toilet paper.  Customers would beat a path to our doors and we can sell at prices unheard of even a few weeks earlier. 

Fear, or opportunity, was the catalyst to get us out of our comfort zones.  We called on customers we had never approached … and … discovered the person we wanted to talk to was actually answering their own phone.  In many cases, they became our NEW favorite customer.  We saw record sales with new customers while much of our historic customer base was on hold.

Soooo … what happens when we get past this pandemic?  Will your new customers stay with you or find someone who now offers that commodity at a lower price?  And your mainstay client base that has partnered with you for years?  Will you still treat them as Platinum Partners?

Supply & Demand

We saw dynamic shifts in Demand and Supply.  Some companies realized they were perfectly postured as Demand for their products increased astronomically.  Some are benefiting from the quick development of products they have not previously offered … but are in great Demand today.  Some saw their Demand evaporate … overnight … or Explode!!

On the Supply Side … How many discovered they could no longer get vital Goods, Parts, or Raw Material to support their traditional Sales Pipeline?   We found that one small missing part can completely shut us down.  Or … we had the lock on what everyone wanted.

It is unusual to have an environment where there were dramatic shifts in both Supply and Demand, but this is exactly what happened.

Strategic Planning … Capacity Planning

Now is the time to decide what we are going to look like in the future.  We should be doing traditional Strategic Planning as we enter the 3rd Quarter of 2020.  What does the remainder of 2020 look like and let’s look to 2021 and beyond?  

Are we going to grow our traditional business model … or move forward on a different path?  

It is also imperative that we do Capacity Planning.  How much business are we predicting in our Strategic Plan?  How much can we actually fulfill?  Can we afford to expand?

Plan Your Work & Work Your Plan

Focus on your plan.  Know where you are going and measure your journey daily.  Keep your expectations on the forefront … for you and your team.  EXPECTATIONS not Suggestions.  You’ve built the plan, now do everything you can to assist your team in getting there. 

Stay Healthy 

Keep in mind that there is presently no “cure” for Covid-19.  We need to keep our team healthy and able to support our business model as we move forward.  Social Distancing, Masks, and Sanitizing is the norm as we move forward.  Remote work was successful in many areas and will continue.  We may have discovered we do not need the size of staff we had … at least at the present sales levels.

Communicate … Proactively

NETWORK!!  Communicate with your Clients … Traditional and New.  Communicate with your Suppliers … Traditional and New.  Communicate with your team.  The business environment is rapidly changing and we do not anticipate that changing.  Be Proactive in initiating these conversations.  

Find out your Client, Suppliers, Team … ALL STAKEHOLDERS … thoughts, concerns, and plans!!!  Know their problems and how you can help solve them.  Become the “Go-To” call they make when there is an issue or they just want to talk.  If you fail to meet customers' expectation, they will quickly look for alternatives.

Measurement & Benchmarking

If you can’t measure every aspect of your business, how can you manage or grow it?  Targets are made to be exceeded not just met.  And why not Benchmark against other processes …  inside or outside your industry?  If someone is doing it better than you, then so can you.

·      Measure what’s important

·      Publish your metrics & benchmarks

·      Reward people for exceeding their goals

·      Keep tuning the metrics

Keep Innovating

Sustaining Innovation and Disruptive Innovation.  Seek to improve existing products and find entirely new offerings to address unmet needs. As corporations we should be aware of the ‘disruption’ that is happening around us and of the upcoming disruptive trends and technologies in the marketplace. Disruption is also a new way of thinking and looking at your industry and indeed the wider world around you.

Invest for Balance

Now is the time to invest in both Longevity and Balance.  Typically, the strategic investments for longevity tend to flow to legacy business while a Balance investments flow to growth and emerging business.  

Most Businesses focus on Revenue and Profits … Now.  But this is the time to focus on Revenue and Profit GROWTH in the future.  In other words, INCREASE MARKET SHARE.  Some Companies will not survive this new paradigm.  Those that do … and grow … will be different companies than they are today.  So now is the time to invest in improvements to build a solid foundation as we come out of this unprecedented time